I’m hearing reports from all around the country that the unprecedented market conditions we are seeing in our market are not unique. Prices are appreciating quickly. Competition has escalated and it’s quite common to see buyers pay 12-15% over the asking price. Along with that they are waiving the right to object to low appraisals and limiting or waiving inspections altogether. This is happening at a time when we are seeing fewer new listings coming on the market. Buyers are writing offer after offer and as they get beat out, they find new ways to be competitive and bid higher and bolder the next time around. It’s a frustrating cycle for buyers and a windfall for sellers.
For many buyers and buyer’s agents it’s like beginning anew each week. Scour the new listings, quickly set an appointment, decide which house in which to make an offer and then answer the big question, how high do we need to go on this one? More often than not the listing agent calls, or worse yet, sends a mass email informing of a better offer. Better luck next time! So the search starts anew, maybe with lower expectations and a willingness to go even higher next week.
Scroll through the slide deck showing the latest statistics for Boulder County. The quick change in prices is easy to see.